“RadioShack’s much worse-than-expected [quarterly] results demonstrate that senior management’s turnaround efforts do not appear to be bearing much fruit, in our opinion, and we increasingly believe time could be running out for the company,” BB&T analyst Anthony Chukumba said in a note to clients.

Shares fell 9.1% to $1.40. The stock, which traded above $20 in late 2010, has been in a steep downtrend for years amid worries about the company’s ability to generate enough cash. The stock is down by more than 45% this year alone.

A RadioShack spokesperson wasn’t immediately available for comment. In a press release, CEO Joseph Magnacca said: “Overall, our first quarter performance was challenged by an industry-wide decline in consumer electronics and a soft mobility market which impacted traffic trends throughout the quarter. In particular, our mobility business was weak due to lackluster consumer interest in the current handset assortment and increased promotional activities across the industry including the wireless carriers. This resulted in disappointing sales and gross margin performance.”

It’s tough to see what will change the company’s fortunes over the short-term. RadioShack earlier this year said it would close at least 1,100 of its 4,300 stores, but some of the company’s lenders challenged the move. Now, RadioShack can’t close more than 200 stores this year without the approval of certain lenders.

So, the company is embarking on a revised strategy in which it closes few stores and cuts costs in other ways such as cutting corporate jobs and discretionary expenses.

“While the total debt of $614.5 million does not mature until 2018-19, we know vendors are watching the balance sheet carefully,” says David Strasser, an analyst at Janney Capital Markets. “Inventory continues to decline as sales continue to decline and the company continues to shed excess inventory at the expense of margins.”

RadioShack had borrowed $35 million under its credit line as of Monday and said it would make further use of the facility this year.